Unchained Capital Review 2026
Unchained Capital uses collaborative custody (multisig) for Bitcoin-backed loans, giving borrowers partial control of their keys.
Last updated: 2026-02-27 · Independently reviewed
Key Details
Unchained Capital Ratings Breakdown
What Is Unchained Capital?
Unchained Capital (now simply "Unchained") is a US-based Bitcoin financial services company founded in 2016 and headquartered in Austin, Texas. What makes Unchained unique in the crypto lending space is its collaborative custody model: instead of handing your Bitcoin to a company, you participate in a 2-of-3 multisig arrangement where you hold one key, Unchained holds one, and a third-party backup agent holds the last. No single party can move your Bitcoin unilaterally. Unchained has originated over $500 million in Bitcoin-backed loans and also offers custody, inheritance planning, and IRA services — all built around the same multisig security model.
How Unchained Capital Loans Work
Unchained's lending model is fundamentally different from most crypto lenders. Instead of depositing your Bitcoin with the lender, you set up a 2-of-3 multisig vault. Your Bitcoin sits in this vault, and any movement requires two of the three keys to sign. This means Unchained physically cannot rehypothecate your collateral — it's mathematically impossible with only one key. You can independently verify your collateral is in the vault at any time using open-source tools like Caravan, Sparrow, or Electrum. Loans are denominated in USD with terms from 3 to 60 months and a maximum LTV of 40–50%. The trade-off for this security model is slower disbursement (3–5 business days) and a higher minimum loan amount ($150,000 as of recent updates).
Unchained Capital Interest Rates
Unchained's rates range from 14% to 16% APR, making it one of the more expensive options in the market. The higher rates reflect two things: the superior security model (collaborative custody is more complex and costly to operate) and the US regulatory compliance overhead. There are no origination fees on most loan products, but early repayment terms vary by loan type. For borrowers who view the multisig security as essential, the rate premium is the cost of genuine self-sovereignty over their collateral.
Is Unchained Capital Available in the US?
Unchained is fully US-based and primarily serves US residents. It's one of the few crypto lending platforms built specifically for the US regulatory environment. The company is headquartered in Austin, Texas and operates under US financial regulations.
Security & Safety
Security is Unchained's defining feature. The 2-of-3 multisig custody model means your Bitcoin collateral cannot be moved without your participation (or the backup key holder's). This eliminates the rehypothecation risk that has caused billions in losses at other CeFi platforms. Unchained is SOC 1 and SOC 2 certified, providing institutional-grade operational security. You can verify your collateral exists and remains untouched at any time using open-source Bitcoin tools — no trust required. The downside is that this model doesn't include traditional insurance (your Bitcoin isn't held by a third-party custodian that carries insurance), but the argument is that the multisig model itself provides stronger protection than insurance promises.
Pros and Cons
Pros
- Collaborative custody — you hold 1 of 3 keys
- US-based and regulated
- Bitcoin-native philosophy
- Transparent multisig setup
- Long loan terms available (up to 5 years)
Cons
- High minimum ($10,000)
- Higher rates than competitors
- BTC only — no altcoin collateral
- Slower disbursement (3-5 days)
- Conservative LTV (40% max)
Who Is Unchained Capital Best For?
Unchained is best for Bitcoin holders who want maximum security and don't want to give up control of their keys — even when borrowing. It's ideal for high-net-worth BTC holders, institutional clients, and anyone who experienced the CeFi collapses of 2022 and swore they'd never trust a company with their Bitcoin again. The $150,000 minimum loan size means it's not for small borrowers. It's less suitable if you want low rates, fast disbursement, altcoin collateral, or a simple consumer-friendly interface.
Unchained Capital vs Alternatives
Final Verdict
Unchained earns a 7.5/10 in our review. The collaborative custody model is genuinely innovative and solves the core trust problem in CeFi lending — you don't have to trust the lender with your Bitcoin because the multisig makes theft or misuse mathematically impossible. The US-based regulatory compliance and SOC certifications add further assurance. The drawbacks are clear: rates are among the highest in the market, the $150,000 minimum is prohibitive for most retail borrowers, and disbursement takes days rather than minutes. For large Bitcoin holders who prioritize security over cost, Unchained is the most trustworthy CeFi option available in 2026.
Frequently Asked Questions
How does Unchained's multisig custody work?
Your Bitcoin collateral is held in a 2-of-3 multisig vault. Three keys exist: you hold one, Unchained holds one, and a third-party backup agent holds the last. Moving Bitcoin requires any two keys to sign. This means Unchained alone cannot access your collateral. You can verify your Bitcoin is untouched at any time using open-source tools.
What is Unchained's minimum loan amount?
Unchained's minimum loan size is $150,000 as of recent updates (previously $10,000). This positions the platform primarily for high-net-worth individuals and institutional borrowers. For smaller Bitcoin-backed loans, consider Ledn (minimum $1,000) or Nexo (minimum $50).
Is Unchained available outside the US?
Unchained primarily serves US residents. International availability is limited. Non-US borrowers should consider Nexo, CoinRabbit, or DeFi protocols like Aave for similar services.
Can Unchained rehypothecate my Bitcoin?
No. Unlike most CeFi lenders, Unchained cannot rehypothecate your Bitcoin. The 2-of-3 multisig model means Unchained holds only one key — they physically cannot move your collateral without your participation or the backup key holder's. This is verifiable on-chain, not just a policy promise.
How does Unchained compare to Ledn?
Both are Bitcoin-only CeFi lenders with strong security practices, but they use different models. Ledn uses traditional third-party custody with Proof of Reserves attestations. Unchained uses collaborative multisig where you hold a key. Ledn has lower rates (12.4% vs 14%), lower minimums ($1,000 vs $150,000), and faster disbursement. Unchained gives you more direct control over your collateral. Choose Unchained for maximum security; choose Ledn for better rates and accessibility.